1.concerns a person who is a complete loser or bitch, can pertain to either a person's monetary worth or a person's significance
2.similiar in meaning to (1.), but in this case with regard to a thing, stating that said thing is of little to no worth
3.

1."I can't stand that broke ass Rick. He never shows up when he says he will."
2."My car is totally broke ass. It sounds like I'm driving a lawnmower."